Issuance Overview - In July 2024, a total of 132 corporate asset-backed securities (ABS) were issued, with a total issuance scale of 1,081.66 billion yuan[2] - Compared to the previous month, the number of issuances increased by 20, while the issuance scale decreased by 9.87%[2] - Year-on-year, the number of issuances increased by 36, and the issuance scale rose by 48.91%[2] Market Distribution - Of the total issuances in July, 97 were from the Shanghai Stock Exchange, amounting to 908.96 billion yuan (84.03% of total), while 35 were from the Shenzhen Stock Exchange, totaling 172.70 billion yuan (15.97% of total)[2] - The top five original equity holders accounted for 24.53% of the total issuance, with a combined scale of 265.30 billion yuan[2] Asset Types and Financing Costs - The main asset types involved in the issuances included personal consumption finance, REITs, financing leases, accounts receivable, and supply chain finance[8] - The financing cost for AAA-rated securities was between 1.89% and 2.39%, with a median decrease of approximately 7 basis points month-on-month and 74 basis points year-on-year[8] Secondary Market Activity - In July 2024, there were 3,073 transactions in the secondary market, with a total transaction amount of 677.45 billion yuan, reflecting a 25.79% increase in transaction count and a 17.15% increase in transaction amount compared to the previous month[10] - The Shanghai Stock Exchange accounted for 81.80% of the transaction amount, while the Shenzhen Stock Exchange accounted for 18.20%[10] Upcoming Maturities - As of the end of July 2024, there are 166 ABS maturing in August, with a total scale of 393.94 billion yuan[12] - The main asset types for the maturing ABS include supply chain, accounts receivable, and specific non-monetary debts, accounting for 33.78%, 22.21%, and 19.83% respectively[12]
企业资产支持证券产品报告（2024年7月）：发行节奏逐步恢复，融资成本持续下行，二级交易活跃度不断提升
Zhong Cheng Xin Guo Ji·2024-08-27 06:50